For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Vedanta Resources Reduces Net Debt by USD 300 Million in First Half of FY'22

By
|

Vedanta Resources Ltd (VRL) on Monday announced that the company has reduced its net debt by USD 300 million in the first half of this fiscal and expects to further reduce its debt by USD 500 million in the second half of FY'22.

 

With the entire debt repayment at Volcan, the pledge on all the equity shares of VRL has been released, the company said in a statement. Volcan Investments is an investment arm of metals-to-mining magnate Anil Agarwal. "VRL has reduced its net debt (including Inter Company Loan and loan at Volcan) by USD 300 million in H1 and expects to further reduce its debt by USD 500 million in H2 FY22," the statement said.

Vedanta Resources Reduces Net Debt by USD 300 Million in First Half of FY'22

The company said that it believes that strong operational performance from its world class asset base will strengthen its balance sheet and lead to investment grade credit metrics.

In line with the Group's commitment to decarbonizing its operations to achieve net-zero targets, Vedanta Limited has constituted an Environmental Social and Governance (ESG) Committee of the Board.

"Further, Digital First approach is adopted by the Group and we are undertaking various transformation projects to digitise operations and processes to further improve health, safety, environment compliances and risk management," it said. Shares of the company were trading at Rs 306.95 apiece, up 1.71 per cent from its previous close.

 

(PTI)

Read more about: vedanta loan investment
Story first published: Monday, September 13, 2021, 16:20 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X